The contract has doubled, and many people wonder when is the best time to short if not now? However, there is a problem that I wonder if you have noticed: it is currently not listed on the exchange for spot trading, and trading can only occur on-chain. The current market capitalization is 400 million, but the on-chain circulation is only 4 million, which is equivalent to only one-tenth of the market cap. For coins with poor liquidity, the whales can't even offload their positions; they can only pump the price in hopes of getting it listed on a spot exchange to then offload. Currently, the fees are only increasing and not decreasing. Data shows that the contract has continuously been funded; based on the two positions, these recent surges have primarily been aimed at liquidating shorts. The whales only need to spend a few million every minute to explode a batch of contracts, and there is no visible opportunity to short; the risk-reward ratio is too low.